RBI asks banks, AIFIs & NBFCs to report accounts restructured due to COVID-19

RBI has recently issued a data format for banks and other lenders to report accounts restructured due to COVID-19 to credit bureaus. It directed them to make the necessary modifications to their systems within the next two months.

The RBI declared in a notification, “Banks/AIFIs/NBFCs should make necessary modification to their systems and commence reporting the above information to CICs within two months from the date of this circular. CICs shall make necessary modifications to their system to reflect the above changes.”.

The uniform credit reporting format contains two annexes. Annex-I has two formats for credit reporting – consumer bureau and commercial bureau, whereas the credit reporting format for the microfinance institution segment is there in annex-II.

Lenders have already been reporting restructured accounts to CICs, and the revised format requires them to specifically identify loans being restructured under the COVID relief scheme.